Artemis Investment Management LLP Sells 146,120 Shares of The AZEK Company Inc. (NYSE:AZEK)

Artemis Investment Management LLP reduced its stake in The AZEK Company Inc. (NYSE:AZEK) by 23.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 469,604 shares of the company’s stock after selling 146,120 shares during the quarter. Artemis Investment Management LLP owned about 0.32% of AZEK worth $21,977,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Tidal Investments LLC increased its stake in shares of AZEK by 3.7% during the first quarter. Tidal Investments LLC now owns 7,060 shares of the company’s stock worth $355,000 after purchasing an additional 251 shares during the period. Signaturefd LLC increased its position in AZEK by 32.7% during the 2nd quarter. Signaturefd LLC now owns 2,157 shares of the company’s stock worth $91,000 after buying an additional 532 shares during the period. ORG Partners LLC acquired a new stake in shares of AZEK during the first quarter worth $35,000. Whittier Trust Co. bought a new stake in shares of AZEK in the first quarter valued at about $37,000. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of AZEK by 15.0% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,169 shares of the company’s stock valued at $260,000 after acquiring an additional 803 shares in the last quarter. 97.44% of the stock is currently owned by institutional investors and hedge funds.

AZEK Price Performance

Shares of NYSE:AZEK opened at $43.64 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.11 and a current ratio of 3.07. The AZEK Company Inc. has a 52 week low of $25.03 and a 52 week high of $50.78. The firm has a market cap of $6.35 billion, a PE ratio of 42.78, a price-to-earnings-growth ratio of 1.43 and a beta of 1.88. The firm’s fifty day moving average is $42.94 and its 200-day moving average is $44.76.

AZEK (NYSE:AZEK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. AZEK had a return on equity of 13.38% and a net margin of 11.35%. The firm had revenue of $434.40 million for the quarter, compared to analyst estimates of $396.89 million. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s revenue was up 12.1% on a year-over-year basis. Sell-side analysts predict that The AZEK Company Inc. will post 1.05 earnings per share for the current year.

AZEK declared that its Board of Directors has initiated a stock buyback program on Monday, June 17th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 9.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

AZEK has been the subject of a number of recent research reports. Royal Bank of Canada cut their price objective on shares of AZEK from $49.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. BMO Capital Markets lowered their price objective on AZEK from $50.00 to $46.00 and set a “market perform” rating on the stock in a research note on Friday, August 9th. The Goldman Sachs Group cut their target price on AZEK from $56.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Truist Financial decreased their price target on AZEK from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Citigroup cut their price objective on shares of AZEK from $50.00 to $44.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.94.

Insiders Place Their Bets

In other news, CEO Jesse G. Singh sold 20,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $41.47, for a total transaction of $829,400.00. Following the completion of the sale, the chief executive officer now directly owns 186,705 shares in the company, valued at $7,742,656.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Jesse G. Singh sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $41.47, for a total value of $829,400.00. Following the transaction, the chief executive officer now directly owns 186,705 shares of the company’s stock, valued at $7,742,656.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Pamela J. Edwards bought 600 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average cost of $41.70 per share, with a total value of $25,020.00. Following the purchase, the director now directly owns 8,708 shares of the company’s stock, valued at $363,123.60. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.10% of the company’s stock.

About AZEK

The AZEK Company Inc engages in the design, manufacturing, and selling of building products for residential, commercial, and industrial markets in the United States and Canada. It operates through two segments: Residential and Commercial. The Residential segment designs and manufactures engineered outdoor living products, such as decking, railing, trim and molding, siding and cladding, pergolas and cabanas, and accessories under the TimberTech, AZEK Exteriors, VERSATEX, ULTRALOX, StruXure, and INTEX brands.